Sheriff sales - How do I bid on a house up for auction?

Question

Do I need a lawyer to bid on a house at a sheriff sale? Or do I just go to the courthouse at the time of the aution and bid against the mortgage company? Help

Answer 1

Call the sherrif's office, ask for their procedures.

You probably don't need an attorney, but you probably DO have to show up with a specified amount in the form of a bank check made out to yourself (you sign the back if you win).

You will probably have a time limit to come up with the balance after the auction. If you're going to need a loan, you better know what that limit is and already be working on the loan.

You also better know whether the sale will deliver title "subject to" existing liens, or "free and clear". If you don't know what that means, find out before you go and bid. It makes a HUGE difference.

You also might want to know if it is occupied. If it is, you're buying the right to evict someone. That means you're buying a lawsuit. Not fun if you're new to it.

You'd better know what you're doing, as in know what the house is worth and what the maximum you'll bid will be, otherwise you may get emotional about winning at the sale.

Answer 2

The only thing you need a lawyer or title company for is a title search.
If the property has tax liens against it, you could be held liable for payment.
To bid, just show up at the courthouse after you have finished your research.

Answer 3

You better look into this better, do you know when a prop is sold at a sheriff sale, the homeowner has a 2-redemption period after the auction to buy back his house.

Answer 4

Chris -- get alist of the property... Look at it --- Register for the sale --- get the rules --- show up for the salle -- bid -- win - and pay for the property...